Archive for September 2018

Do you want to know how regulations can promote financial innovations and protect consumers? Are you interested in Secure Trading Ltd? Just continue to read this article and you’ll get answers to your questions.

Payment Transactions and Financial Innovations

Innovation revolutionizes the way consumers access, borrow, and transfer money. Checks, ATMs, and debit cards are the very results of technological innovations. They’ve changed the way people use funds.

Nowadays, other innovations like mobile banking and payment appsare gaining more and more popularity among consumers, investors, service providers, as well as regulators.These are also called“financial technologies” or “fintech.”

Global, eCommerce transactions like purchases completed online via computers or mobile phonesare surging in popularity these days. The estimated value of the European market in 2017 made up nearly $685 billion.

Due to the highly significant role of technology in the payments system, the European Union (EU) has invested in incorporating innovations into its regulatory framework. Also, the EU works on strengthening consumer protection.

According to Pew Charitable Trust researchers, different parts of the world have differentapproaches concerning global regulation and financial innovation. Specifically, the regulators in Australia, the EU, Malaysia, Singapore, South Korea, Thailand, Abu Dhabi, the United Kingdom (UK), and the US apply varied but complementary approaches in this concern.

Financial Technology Innovations in the UK: Secure Trading Ltd

Financial technology is among the most rapidly-growing spaces in the UK. In 2014, UK Trade and Investment, which is the trade policy authority in the country, represented an independent analysis in this regard. The latter revealed that the country’s fintech market accounted for about $30 billion.

Are you a merchant doing business in the UK? Are you interested in payment processors like Secure Trading?No worries! Just turn to a reputable payment expert in the UK to get the best review on credit card processing companies, including Secure Trading Ltd.

With an experienced and reliable comparison company, you can enjoy free consultation, reviews of contracts, as well as rates, and fees. Also, you can get the most honest snapshot of the company at the time of writing. Besides, you can be sure to find a processor the integration process of which isn’t left unchecked. Why? The integration requirements are too important, and only the right integration process can guarantee a smooth transition and onboarding process for you.

The UK Financial Conduct Authority (FCA) is one of the regulators having applied digital technology for financial services and has been focused on gaining a better understanding of the relevant issues and challenges. The agency aimed to develop a financial innovation hub, which included communication with stakeholders as a specific agency objective.

In 2015,international regulators got down to employing regulatory “sandboxes.” These are formal testing programs featuring relaxed regulations and special enhanced consumer protections. Thus, companies and regulators become able to test and observe new products/services in the marketplace.

Governments like Australia, Hong Kong, Indonesia, Malaysia, Singapore, Thailand, Abu Dhabi, and the UK have been following this sandbox approach. The UK joined them in 2015.

Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry,including Secure Trading Ltd, has helped thousands of business owners save money and time.